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Thread: Niner goes Tango Uniform...
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11-29-2017, 11:34 AM #1
Niner goes Tango Uniform...
Hopefully the new owner(s) honor their warranties. Heh. I crack myself up.
http://www.businessden.com/2017/11/2...705#newsletter
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11-29-2017, 11:38 AM #2
Sad b/c I liked them...but kinda saw it coming.
Sent from my iPad using TGR ForumsIt makes perfect sense...until you think about it.
I suspect there's logic behind the madness, but I'm too dumb to see it.
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11-29-2017, 12:02 PM #3
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11-29-2017, 12:10 PM #4
It filed Chapter 11, which is not tits up. (Chapter 7 is tits up.) Chapter 11 is a reorganization petition. (Yeah, sometimes Chapter 11s are "liquidating reorgs" but the article suggests the debtor will propose a plan to bring in fresh capital for an operating reorg).
Article says $9.8 million of assets, $7.9 of liabilities, likely taken straight from the BK schedules, i.e., positive net worth. Schedules showing positive net worth could indicate any of several things, e.g., desire to reject lease or other executory contract, or a creditor on brink of foreclosing or executing on assets.Last edited by OldSteve; 11-29-2017 at 02:06 PM.
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11-29-2017, 01:40 PM #5
I think we will see a fair amount of contraction in the bike industry, just like the early ‘90s. Leading edge of 29 and 27.5 gets caught up by the big guys, no more high end niche to fill.
Ebikes will be the next niche I suppose.
Sent from my iPhone using TGR ForumsI rip the groomed on tele gear
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11-29-2017, 01:58 PM #6Banned
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Interesting.
Since an e-bike is the only way you'll ever get above 4k feet in the region, buster, I'd think you'd want e-bikes to proliferate.
Your pretense at knowing BK law is great, too. Fat chump working a phone tech line for a crap employer at $15/hr, BS in crapology, no law degree... yeah! You are the expert on business solvency and Chapter 11 proceedings.
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As to Chris Sugai? Got his wish: GROW THE SPORT. Doubt he's poorer at the end of the run, most likely the very opposite.
His walkaway robs me of one of my great predicted comedies... Specialized sues Niner. Sue Guy, Mike Sinyard, files litigation against Sugai. The mellifluidity....
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11-29-2017, 02:00 PM #7Registered User
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11-29-2017, 04:43 PM #8
Every bike company will have an e-bike soon. Get over it. Even you favorite bro brand has one in development I can guarantee it.
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11-29-2017, 07:33 PM #9Registered User
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Niner goes Tango Uniform...
It’s called screw the unsecured creditors, ie. all your vendors, to the tune $5.6 mil.
Then reorganize, sell to a PE firm and make a ton.
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11-29-2017, 08:06 PM #10
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11-29-2017, 08:24 PM #11Banned
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That's crazy. Definitely one of the most influential bike brands of the last decade, for better or worse. Too bad they couldn't turn all that 29er hype into long term success.
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11-29-2017, 09:34 PM #12
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11-29-2017, 09:45 PM #13Besides the comet that killed the dinosaurs nothing has destroyed a species faster than entitled white people.-ajp
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11-30-2017, 08:15 AM #14Banned
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It's not like such procedure approvals are unprecedented. You think this Mystery Meat economy we have is because of high integrity?
BK judges / magistrates aren't known for their High Horsepower noggins.
I get your particularity/precision, though. Clarifying. Sure. But is it the trend? What IS the trend?
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11-30-2017, 09:42 AM #15
There is no trend. Each Chapter 11 plan is its own thing. Based on my experience, if, as it appears, the debtor is seeking new capital or an assets sale to a third party buyer, the plan will likely provide for unsecureds getting paid. I haven't seen the schedules, so I don't know how much of the $7.9 million is unsecured. IVO the nature of the biz, I'd be surprised if unsecureds are a big chunk of that. Typically there's a big secured bank loan secured by all assets. And if the debtor was buying inventory on terms, the vendors would have a security interest either per agreement or Article 9 purchase money security interest. My guess is that the debtor filed Chapter 11 to get out of a lease and/or other executory contract to clear the way for a reorg or sale.
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11-30-2017, 10:00 AM #16a positive attitude will not solve all of your problems, but it may annoy enough people to make it worth the effort
Formerly Rludes025
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11-30-2017, 10:02 AM #17
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11-30-2017, 10:04 AM #18
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11-30-2017, 10:05 AM #19yelgatgab
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Anxiously awaiting a closeout deal on an RLT 9 Steel, and the disappearance of "Pedal Damn It" stickers...or at the very least, the addition of a comma.
Remind me. We'll send him a red cap and a Speedo.
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11-30-2017, 11:06 AM #20Banned
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I didn't say innovative, I said influential. In 2005 the 29er's place in the industry was just a bunch of tools circlejerking on MTBR. Niner helped take that concept and turn it into something that could be sold to posers and dentists for thousands of dollars a pop. It also allowed the industry to stick it's head permanently up it's ass with regards to wheel formats and component standards. We truly owe them a debt of gratitude.
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11-30-2017, 11:26 AM #21
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11-30-2017, 11:42 AM #22
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11-30-2017, 11:43 AM #23
Sales have an influence, though. And if you remember the years when 27.5 first came out you probably remember a few bikes that didn't handle as well as typical 29ers at the time. Since fork offsets are heavily influenced by prevailing sales I think it's safe to say Niner managed to contribute something, even if it was just market reinforcement.
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11-30-2017, 12:39 PM #24
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11-30-2017, 12:42 PM #25
Most of you guys aren't racers so you can't appreciate the "influence" that Niner had on the XC scene. For a while there that scene is what sold a lot of bikes. These days it is endurbro skidders and Niner even with good marketing isn't capturing those sales well.
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